Pan Am trust to pay out $30 million
The court-appointed trust for Pan Am World Airways, the airline that closed in 1991, said that some creditors, including more than 15,000 former employees, would receive about $30 million (£16 million) by the end of the year. The proceeds come from a settlement with Libya, stemming from a lawsuit after the Lockerbie aircraft bombing of December 1988.
Strike costs Escondida ‘$16m a day’
Escondida, of Chile, the biggest copper mine in the world, said that it is losing up to $16 million (£8.4 million) net profit a day in a strike that is in its tenth day. Escondida, majority owned by the global miner BHP Billiton, reported the estimated loss in a filing to Chile’s securities regulator. The company and the union were in talks yesterday to try to end the strike.
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HP sales rise as cuts win customers
Hewlett-Packard, the world’s second biggest maker of PCs, reported a 5.4 per cent rise in third-quarter sales to $21.9 billion (£11.5 billion), as the company benefited from cost cuts involving thousands of job losses, which enabled it to reduce prices in the US and steal away customers from Dell, its arch rival. HP also announced plans for a $6 billion share buy-back.
Bank of America seeks $1bn for fund
Bank of America Corp, the No 2 US bank, is looking to raise as much as $1 billion (£530 million) for a private equity fund, a regulatory filing shows. The bank has set up a Boston-based fund, BA Private Equity Direct LP, which is seeking people willing to invest at least $500,000, according to an August 9 filing with the Securities and Exchange Commission.